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Water-Damaged Wicker Park Home for $500K Above '08 Sale Price

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Some of the listings we come across are just downright puzzling. Take this newer-construction single-family home in the East Village, for example. In 2008, the 3BD, 2.5BA home sold for $2.5 million, which is pretty high for a home of any type in that area (although because square footage and other details aren't provided in the listing, we'll reserve judgment). Then, the new owner attempted to flip it, putting the home back on the market five months later for $3 million. The price increase might have made sense if the owner had added value to the place, but it sounds like the opposite has happened. There is "water damage and suspected mold," according to the listing. "Bring your contractor!" it says. Unsurprisingly, nobody has jumped at the opportunity.
· Listing: 1637 W. Pierce Ave. [Redfin]